Confidential · For intended recipients only
First mortgage light bridge at 77.4% LTC — 36 months, interest-only, partial recourse, with the renovation budget and interest reserve held back inside the loan. Sponsor equity of $1.10MM (22.6%) at close.
| Loan terms | Detail |
|---|---|
| Loan amount | $3,768,640 |
| Type / purpose | Light bridge, first mortgage — acquisition + CapEx |
| Term | 36 months |
| Amortization | Interest only |
| Rate | Best available |
| Leverage (LTC) | 77.4% |
| Recourse | Partial |
| Uses | Amount |
|---|---|
| Acquisition price | $4,080,000 |
| Renovation budget | $623,300 |
| Interest reserve (financed) | $85,340 |
| Closing costs | $82,873 |
| Total uses | $4,871,513 |
Willow Brook Apartments is a 51-unit garden-style community at 2121 East 52nd Street, Indianapolis — 92.2% occupied at acquisition, purchased at $4,080,000 against a total capitalization of $4,871,513. The sponsor, Corey Simmons, is executing a targeted $623K capital program: interior renovations on 20 units and full HVAC installation across 48, carrying a 10% contingency buffer.
Post-renovation rents are projected at $1,150 for one-bedroom and $1,325 for two-bedroom units, driving NOI from $351,719 in place to $517,300 at stabilization — a 47% lift — and a stabilized value of $7,390,000 against the $4.08MM basis. At stabilization the sponsor refinances into conventional or agency (FNMA SBL) permanent debt at a minimum 1.25x DSCR, giving the bridge lender a defined exit on a short runway.
Strong in-place demand across 1BR and 2BR floor plans — the bridge carries a performing asset, not a turnaround.
20 unit interiors plus full HVAC across 48 units with 10% contingency — scoped to reprice the roll, not re-imagine the asset.
$351,719 to $517,300 of NOI on $1,150/$1,325 post-renovation rents — an 8.6% going-in cap repricing toward 7%.
Refinance into conventional/agency permanent debt at a minimum 1.25x DSCR — the cleanest takeout in the market for this profile.
$10,143 of NOI per unit at stabilization versus $6,896 in place. Forced appreciation: $7.39MM stabilized value against the $4.08MM purchase basis.
Lenders are invited to provide a $3.77MM light bridge structured as a first mortgage — 36 months, interest-only, partial recourse — against a 92%-occupied asset with a defined agency exit. Terms, timeline, and diligence on request.
